Setting goals is a good way to hold your business accountable for its own growth. Without a benchmark to strive for, any business will find it difficult to continue growing. That said, resolutions and goals are only as good as the intention and effort put behind them. As we settle into 2023, MGAs need to be thinking strategically about their goals, both as an agency and for all employees.
Be realistic: While it is important to set challenging goals, it is equally important to set achievable goals. A goal should be built from what the MGA has achieved in the past. For example, if on average an agency brings on thirty new clients per year, a realistic goal may be to add fifty new clients in 2023. Setting goals that are too ambitious could discourage employees and ultimately have an adverse effect on an MGA’s growth.
Service first: MGAs are service-oriented businesses, and their goals should reflect that. Consider setting goals that improve employees’ service or relationship capabilities. For example, employees should be encouraged to communicate with clients on a regular basis or build relationships that could lead to new client agreements. Agents would do well to encourage a service-oriented mindset that will foster strong business relationships, as they are one of the most important aspects of being an effective agent.
Employee Check-ins: Beyond growth benchmarks for the agency as a whole, employees should have their own personal business goals. Owners should work with their employees to set goals that reflect what they would like to achieve as well as an actionable plan to do so. From there, owners should schedule regular check-ins with employees to see how they are working towards their goals, if they need any support or if the goal or plan needs to be reevaluated. This is a great way for owners to identify areas where their employees need assistance and offer them an opportunity to hone their skills beyond their specific goals.
Every MGA wants to achieve growth, but in order to do so agents need to have tangible objectives and a plan to attain them. With a strategic goal and actionable plan, MGAs may even find they can achieve their goals faster than they planned for, giving them the opportunity to set new ones. If you haven’t set your 2023 goals yet, consider sitting down with your entire team to get the process started. You may be surprised by what your agency can accomplish this year with a few goals to work toward.